I like this, bet on the jockey more than the horse kind of situation.

Assuming an only child situation where you’re not screwing a sibling.

This just seems like it puts me in a potential bad situation if something goes wrong during the process.  

Nothing illegal about doing that, but if caught, the lender may call the loan due and if you don't correct the situation or pay the loan off, they willstart mortgage foreclosure.3) You could also go the HELOC route to tap the equity in the home, but the 12-month owner-occupancy will also apply AND the interest rate on the HELOC will fluctuate with the Fed Fund Rate.4) You could do a cashout refi as an investment property, but that will be at an interest rate 0.5-1% higher than owner-occupied rate.Suggest you meet with 2-3 lenders to explore your options about the above.Once you have access to funds, recommend you buy a 2-4 unit with 20-25% down. - You can buy owner-occupied, live in one unit, and fix up and rent the other unit(s).- If you're handy, recommend buying a property in the worst condition you can tolerate.

I'm sure it was highway robbery - it certainly was based on the man-hours it took - but when you are in a desperate situation, you do what you have to do to get yourself out of it.  

If you are just getting started here in Chicago, house hacking is the ideal situation.

I was in a similar situation in 2021 while living in San Francisco.

Have the tenants take and send pictures of any maintenance items and video chat with the repair person as needed.If you ever get in a situation where you just feel like you can't do it or don't want to do it, you can always put a PM in place at any time. 

So...Assuming we're considering the advantages for American's to invest in Japan, I personally think it only makes sense in a select few situations. 

I have been listening to the podcasts for years and have finally gotten serious about making this move to better my families situation.